Bailey v Angove’s Pty Ltd [2016] UKSC Civ 47

SUMMARY

The Supreme Court in this case had to consider whether an agent’s authority to accept payments had been ended by the principal’s termination of the agency agreement or if the agent’s authority was irrevocable in spite of the termination notice and permitted the agent to receive remaining payments due from customers for goods supplied during the term of the agreement.

BACKGROUND

Per 1 juli 2016 worden een viertal nieuwe wetten ingevoerd die van belang zijn voor bestuurders en ondernemingen.

On 1 July 2016 four important new laws applicable to businesses and directors will enter into effect.

De verjaringstermijn van na faillietverklaring vervallende rentevorderingen neemt pas een aanvang na het eindigen van het faillissement. Dat heeft de Hoge Raad op 24 juni 2016 geoordeeld in het arrest Boele's Scheepswerven II. Schuldeisers hoeven de verjaring van rentevorderingen gedurende een (eerste) faillissement dan ook niet te stuiten.

FACTS:

InHinton v Wotherspoon [2016] EWHC 623 (CH), Jason Freedman and Aziz Abdul successfully secured an Income Payments Order (“IPO”) on behalf of the Trustee in Bankruptcy.

The court also provided useful guidance on the correct position where a bankrupt has made an election to draw down from his private pension but not given specific instructions as to application of the funds.

LEGAL BACKGROUND:

Padwick Properties Limited v Punj Lloyd Limited [2016] EWHC 502 (Ch)

FACTS

This case concerned a property in Stockport let at an annual rent of £784,268, where Padwick was landlord to a company named SCL. The defendant had guaranteed SCL's performance of its obligations.

I HAVE REQUESTED MY LANDLORD’S CONSENT TO SELL MY PHARMACY LEASE. THE LANDLORD HAS AGREED TO THE SALE BUT ON THE CONDITION THAT I AM A GUARANTOR FOR THE BUYER. IS THIS A REQUIREMENT UNDER MY LEASE?

The answer will depend on the terms of your lease. However, as a general rule, it is likely to be the case that the landlord can request such a guarantee.

Het aantal faillissementen in Nederland neemt af, maar de retail branche is er deze zomer toch niet zonder kleerscheuren vanaf gekomen: MS Mode, Sluiterij Mitra, Scheer & Foppen en McGregor zijn recent nog failliet verklaard. Bij dergelijke faillissementen zal door de curator altijd gekeken worden naar de (on)mogelijkheid van een doorstart. Een geïnteresserde koper met een goed bod is echter niet genoeg. Om een doorstart van een winkelketen te laten slagen, is vaak van belang dat de (goedlopende) locaties overgenomen kunnen worden.

According to the Court of Appeal, instead of entirely putting an end to bankruptcy operations, the decision to close the bankruptcy case only "suspends the bankruptcy process", while restoring  individual rights to creditors. The appeal judges further indicated that "the bankruptcy regime stops existing, but the debtor remains under the threat of the re-opening of bankruptcy operations, which virtually survive".

Today, 26 November 2015, the Act implementing the European Framework for the Recovery and Resolution of Banks and Investment Firms (the “Implementation Act”) has entered into force. The purpose of the Implementation Act is to implement the Bank Recovery and Resolution Directive ("BRRD") into Netherlands law and to facilitate the application of the Single Resolution Mechanism Regulation ("SRM Regulation").